PIK Obligation definition

PIK Obligation means an obligation that provides that any portion of the interest accrued for a specified period of time or until the maturity thereof is, or at the option of the obligor may be, added to the principal balance of such obligation or otherwise deferred and accrued rather than being paid in cash, provided that any such obligation shall not constitute a PIK Obligation if it (a) is a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 8% per annum or (b) is not a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 4.5% per annum in excess of the applicable index.

PIK Obligation means an obligation that provides that any portion of the interest accrued for a specified period of time or until the maturity thereof is, or at the option of the obligor may be, added to the principal balance of such obligation or otherwise deferred and accrued rather than being paid in cash, provided that any such obligation shall not constitute a PIK Obligation if it (i) is a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 8% per annum or (ii) is not a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 4.5% per annum in excess of the applicable index.

PIK Obligation has the meaning assigned to such term in Section 5.13.

Examples of PIK Obligation in a sentence

• For purposes of the Minimum Floating SpreadTest and the Minimum Weighted Average Coupon Test, the per annum fixed rate or floating rate, as applicable, of a Partial PIK Obligation will be deemed to equal the rate at which interest was required to be paid in cash on the most recently scheduled payment date on the outstanding balance of such security.

• BPK cyst fluid contains EGF and TGF-a like peptides which are mitogenic and phosphorylate apical EGFR.

• This figure assumes that the settlement with the Lenders provided for in the Plan is approved and implemented and assumes the PIK Obligation provided for in the Plan is eliminated as a result of the Debtors reaching certain payment targets to the Lenders on the remainder of their secured claim.

• PIK Obligation means an obligation (other than any Mezzanine Obligation which by its terms provides for the deferral of interest) which, by its terms, may pay interest thereon other than on a current basis.

• The new loan and security agreement to be executed on the Effective Date and which shall govern the New Lender Term Obligation and the New Lender PIK Obligation, as will be more fully set forth in the form of loan and security agreement to be included in the Plan Supplement to be filed with the Court at least 10 days prior to the Voting Deadline.

More Definitions of PIK Obligation

PIK Obligation means a Collateral Debt Obligation that, as of the date of determination, by its terms, permits the payment of a fixed or floating rate of interest through the issuance of additional debt securities identical to such debt security or through additions to the principal amount thereof for a specified period in the future or for the remainder of its life.

PIK Obligation means an Underlying Asset which by its contractual terms provides for the deferral of interest and which is not currently paying any interest on a current cash basis but excluding Mezzanine Obligations;

PIK Obligation means an obligation that provides that any portion of the interest accrued for a specified period of time or until the

PIK Obligation means a security (excluding a Partial PIK Obligation or a Collateral Obligation excluded from the definition of Partial PIK Obligation by the proviso thereof) that permits deferral and/or capitalization of any interest or other periodic distribution otherwise due.

PIK Obligation means an obligation that provides that any portion of the interest accrued for a specified period of time or until the maturity thereof is, or at the option of the obligor may be, added to the principal balance of such obligation or otherwise deferred and accrued rather than being paid in cash, provided that any such obligation shall not constitute a PIK Obligation if it (i) is a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 8% per annum or (ii) is not a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 4.5% per annum in excess of the applicable index. “Preferred Stock,” as applied to the Equity Interests of any Person, means Equity Interests of such Person of any class or classes (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to any shares (or other interests) of other Equity Interests of such Person, and shall include, without limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred Equity Interests.

PIK Obligation means a Collateral Debt Obligation which provides for a portion of the interest that accrues thereon to be added to the principal amount of such Collateral Debt Obligation for some period of the time prior to such Collateral Debt Obligation requiring such interest to be paid in cash, which cash payment shall be treated as Interest Collections at the time it is received.

PIK Obligation means any obligation that is permitted under its terms to (a) provide payment of interest through the issuance of additional obligations identical to such obligation or additions to the principal amount thereof for an unspecified period in the future or (b) where it is possible, prior to the Applicable Notional Amount of such obligation having been reduced to zero by allocation of losses arising from the underlying portfolio, to divert interest due to such obligation directly towards repayment of principal of a senior obligation in the event that certain non-performance levels are reached.